In today's free market economies the earlier approach of 'Let the buyer beware' has now been changed to 'let the seller beware.' Identify the term that means 'Let the seller beware'.

Caveat venditor

The correct answer is Option (1) - Caveat venditor

The market forces have changed from a seller market i.e., the earlier approach of caveat emptor which means Let the buyer beware, to a consumer market i.e., caveat venditor which implies Let the seller beware. A consumer is said to be a KING in the free market economy. Hence, consumer protection has significance for both consumers and business alike. Under the Consumer Protection Act 2019, the Government of India has conferred a legal protection to safeguard interests of a consumer.